TMI Blog2018 (12) TMI 1634X X X X Extracts X X X X X X X X Extracts X X X X ..... is not a mineral oil concern and did not fulfill one of the basic conditions to entitle themselves to claim the depreciation at 60%. CIT(A), as a matter of fact, found that the assets of the oil rigs are wholly owned by the assessee and are used for the purpose of business of the assessee which is to give on lease these assets. Following the decision of the Hon’ble jurisdictional High Court in the case of HLS India [2011 (5) TMI 322 - DELHI HIGH COURT] learned Ld. CIT(A) granted relief to the assessee and deleted the addition. It is not the case of the revenue that the ratio laid down by the Hon’ble jurisdictional High Court in the case of the HLS India Ltd (supra) has no application to the facts of the case but the only ground on which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder dated 21/12/2009. 3. However, during the course of assessment proceedings for the AY 2008- 09, Ld. Assessing Officer observed that the assessee claimed depreciation at 60% on the plant and missionary that was leased out, though the assessee isnot a mineral oil concern and not eligible for higher rate of depreciation, and therefore the excessive claim of depreciation was disallowed and assessment was completed accordingly. Inasmuch as the assessee claimed depreciation at excessive rates on such plantand machineryfor the assessment year 2007-08 also and the assessee is not entitled for the same, Ld. AO initiated the proceedings under section 147 of the Act. Assessee placed reliance on the decision of the Hon ble jurisdictional High Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Hon ble jurisdictional High Court in the case of HLS India (supra), learned Ld. CIT(A) granted relief to the assessee and deleted the addition of ₹ 9,98,89,316/-. 6. The revenue is, therefore, in this appeal challenging the deletion of the excess depreciation claimed by the assessee whereas the assessee being aggrieved by the upholding of the validity of section 147 proceedings preferred across objection. 7. At the outset, it is brought to our notice that the SLP preferred against the order of the Hon ble judicial High Court in the case of HLS India Ltd (supra), was dismissed by the Hon ble apex court in SLP (civil) No. 2723/2012 by order dated 16/02/2012. A copy of the order is produced and we have perused the same. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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